Keeping Your Money Protected

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By
Andrew Reed

Twin Falls, Idaho (KMVT-TV / KTWT-TV) There are more than one billion credit and debit cards in circulation in the United States.

This week, congress is looking at new ways to keep your personal credit card information safe.

This, after recent high-profile security breaches.

Congress is working on new legislation that would strengthen security protections for consumers.

On Monday, experts told congress the problem is built into America’s financial infrastructure.

"They have been out there for a longtime. They are increasing and there was a 30% increase in 2013. There was 619 total breaches in 2013 compared to the year before. We are hearing about it because Target was a large retailer,” said Matthew Rice, First Federal Bank.

This graph shows the areas of data breaches in 2013.

Medical and health has the highest percentage of breaches with 43% followed by businesses with 34%.

"The best thing to do is pay attention to your account. Banks have a lot of resources like online banking and getting text alerts to your phone. You want to pay attention to those things and check your monthly statements,” said Rice.

Consumer advocates want to see retailers and banks issue cards with more secure microchip technology.

"There's certainly no perfect solution to this issue, but it's clear to me that congressional action is necessary. I think it would be very helpful if there were a robust federal standard when it comes to data security, as well as a robust standard when it comes to breach notification, and I think it's - it's time for Congress to act,” said Edith Ramirez, Federal Trade Commission.

An act many hope congress will take a stance on, keeping american's money safe.